Fri Sep 21, 2012, 09:19 AM
cascadiance (14,728 posts)
Technology Credit Union Will Remain Credit Union
Source: Credit Union Times
"Over 13,000 of the 70,000 members of the $1.6 billion Technology Credit Union have voted to retain their credit union charter and not to convert their institution to a mutual bank, according to an announcement from the credit union.
Technology announced that roughly 17,500 members participated in the balloting, with 77% casting ballots against it and 33% or roughly 5,775 voting in favor.
“Our members have voted and overwhelmingly indicated their preference to remain a credit union," said Barbara Kamm, CEO of the credit union in a statement announcing he results. “We respect this decision and appreciate that so many of our members weighed in on this important vote. Providing the highest level of service for members will continue to be our top priority – and we will do so under our credit union charter.”
“Members at the special meeting voiced frustration, saying we did not make a compelling case for charter change. We, too, are frustrated that we were unable to communicate our views effectively and in the open manner we would have preferred because of the regulatory process and the related rules that govern how credit unions can communicate about charter change with their members,” said Kamm in the same announcement.
Read more: http://www.cutimes.com/2012/09/21/technology-credit-union-will-remain-credit-union
As a member of Technology Credit Union I'm so thankful for having the ability to keep my money in a credit union, where we have a direct voice in preventing the abuses that happen in so many other areas of corporate America today with our investments/resources.
Those that organized to help prevent this move should pat themselves on the back, and hopefully this sort of move by other credit unions around the country when those put in charge get overly ambitious with other people's money for their own ends will be prevented by this outcome.
And it sounds like there is some organization to remove the CEO and the board that came up with this lame idea by CU members. It would seem if this leadership wants to manage a bank, they should change jobs and start working for a bank elsewhere rather than force its customers to have to be using a bank when they signed on to have a credit union. That message should be delivered VERY strongly!
3 replies, 1209 views
Technology Credit Union Will Remain Credit Union (Original post)
Response to cascadiance (Original post)
Fri Sep 21, 2012, 10:05 AM
iandhr (2,816 posts)
1. Though I am happy you go the result you wanted.
.... but lumping a mutual bank with a big wall street bank is inaccurate. They are not the ones who destroyed the economy.
Response to iandhr (Reply #1)
Fri Sep 21, 2012, 10:27 AM
cascadiance (14,728 posts)
2. I'm not saying they are the same thing, but the important thing is that they are NOT credit unions!
Last edited Fri Sep 21, 2012, 10:39 AM - Edit history (1)
People signed on to be a member of a credit union, not a bank, and did so for many different reasons. If customers wanted to be in a bank, they'd have gone to a bank.
Being a credit union member for those of us who live out of state allows us to go to other member credit unions to do more banking transactions then just use their ATMs. If they switched to being a bank, I'd have been forced to have to switch to a different credit union if I wanted any local services like getting cashier's checks, etc. where I live. And the nice thing about a credit union is that I have a voice to help this happen as a member with voting rights, whereas once they are a bank, I don't have any voting rights to speak of unless I have a lot of money.
And yes, I do know about big banks and what they did to our economy and have a family member who had a high level job with one of these banks, and coincidentally, this last year our credit union's Visa card got moved over to this very same bank. And my family member said that the last thing she would have done was to move to the credit card division when deciding whether to leave the company or move on.
Like I said, if the CEO and the board are good at what they do, and are able to make the case to be hired by another mutual bank, then they should take a job working at one, instead of forcing a customer base to adapt to where they want their career goals to shift to.